Office of the Comptroller of the Currency orders remediation at 42 North Private Bank and prohibits two former bank employees while lifting orders for ICICI Bank and Wells Fargo

The Office of the Comptroller of the Currency released its March 2025 public enforcement actions against OCC-supervised banks and institution-affiliated parties, including a new cease and desist order for 42 North Private Bank and two orders of prohibition against former bank employees for customer-related misconduct. The package also includes terminations of existing cease and desist orders for ICICI Bank Limited’s New York branch and for Wells Fargo Bank, N.A. The cease and desist order for 42 North Private Bank (Canton, Massachusetts) cites unsafe or unsound practices, including those related to interest rate risk, strategic planning, capital, liquidity, and earnings, and replaces a prior OCC cease and desist order dated March 30, 2017. The OCC prohibited Karla Vanderneut, a former assistant branch manager at an Earlville, New York branch of NBT Bank, National Association, for using a customer’s account to make unauthorized cash withdrawals and debit card transactions totaling at least USD 16,000, and prohibited Josiah Kennedy, a former vice president and mortgage loan officer at Citizens Bank, N.A. (Abilene, Texas), for making unauthorized draws on a customer’s construction loan and obtaining customers’ funds totaling at least USD 59,000 for his personal benefit. The terminated orders covered Bank Secrecy Act/Anti-Money Laundering compliance program violations at ICICI Bank Limited’s New York branch (order dated October 3, 2022) and significant deficiencies in Wells Fargo’s loss mitigation activities (order dated September 9, 2021).